Accountancy Forum
Quickbooks Error? - Printable Version

+- Accountancy Forum (http://www.accountancy.com.pk/forum)
+-- Forum: The Profession (/forumdisplay.php?fid=4)
+--- Forum: Technology (/forumdisplay.php?fid=9)
+--- Thread: Quickbooks Error? (/showthread.php?tid=5969)



Quickbooks Error? - randyaustin - 06-11-2009 09:54 PM

Hello,
This is my 1st post on this board. I am currently working on a large software that includes full accounting. I am familiar with QuickBooks, and have use it for many years. I do not like the way they handle customer overpayments and I am looking for a better way. When a customer overpayment is made Quickbooks will prompt the user to either create a refund check, or a credit to be used later. If a credit is chosen, a Credit Memo is created and can be printed by the user, however this credit memo is not saved. In quickbooks an overpayment is deducted from the Accounts Recievable, which i am not a big believer in. For example lets assume no prior invoices were created, providing us with a Accounts Receivable Balance as 0.00. An Invoice for Customer is then created for 500.00, causing the AR to become 500.00. We then receive a check from the customer for a total of 600.00 and have chosen to create a Credit Memo for the additional $100.00 overpayment to apply against future invoices. In QB, they will post the entire amount ($600.00) to the AR, resulting in a -$100.00, which I feel is an inaccurate amount. Since this $100.00 is money you OWE your customer, should this $100.00 not be in a liability account, instead of the AR? What I want to do is create a Credit Memo that will put that $100.00 in a user defined liability account, then upon either issuing a check or applying this full credit amount to an invoice, will then zero out this liability account. Would this not be more accurate? Some advice would be greatly appreciated.
P.S. I am not an accounting so go easy on me if i am way off base?


- Malik1 - 07-19-2009 01:06 AM

Hi Randyaustin,

I agree with you that there must be a liability accout for customer advances.Intuit formulated QuickBooks we can not change it but we can manually open an account for Customer advances by the type of current liability and we can enter the customer overpayments. You can find the Customer overpayment from open Inoices. There Customer balance will be in MINUS that means you are owe to your customer. Next time when you'll create an invoice for that customer QB will ask you that there is a credit for this customer do you want to apply it. If QB does not ask you then you can click on APPLY CREDITS above the invoice total. I think it will help you.


Thanks and Regards,

Malik
"Everything i'm not, made me everything i am"


- awaisaftab - 07-22-2009 04:43 PM

In my opinion ther are many bugs in Quick Books but Peactree is a good software,beneficial for all types of companies. Many busineses moving toward Peachtree from Quick Books.

Regards,

Awais Aftab.


RE: Quickbooks Error? - kennybender - 07-07-2014 09:26 AM

If your problem did not solve till now, i would suggest you recovery tool that repair your corrupt QuickBooks file And Quickbooks All Error Efficiently removes inconsistencies from your QuickBooks file and helps you resolve any erroneous situation for quickbook error.

So Try Free Trail Version Software :-http://www.pcrecoverytools.com/quickbooks-file-recovery.html

Feel free to if you have any further questions about QuickBooks anything related to set-up. Good luck - QuickBooks is awesome Software


RE: Quickbooks Error? - guymitchell - 07-19-2014 04:13 PM

One more utility which i can suggest you to repair corrupt or damaged Quickbooks database,this tool restore the Quickbooks file in a very accurate manner. It is easy to use and fast recovery process. It is available as a free trial version, in trial version you can see the preview of recover data: - http://www.filesrecoverytool.com/quickbooks-recovery.html